Question

recognize the role of ethics in state and local governmental accounting and create awareness of ethical issues that might arise in governmental sector.

Answer 1

Answer: Ethics- These are the values and principles that an organization or Government or individual should follow.

Role of ethics in state and local governmental accounting- Government Accounting Standard Board (GASB) follows the rules and regulations in proper manner. According to GASB:

Vision- Vision is, "Great accountability, excellent and well informed decision making in Public sector financial reporting".

Mission- To establish and improve standards of local and state Government accounting as well as financial reporting.

Core values- Core values are as following:

1. Independence- There is no pressure or undue influence on Government to show better picture of their financial statements.
2. Integrity- Relationship with all the constitutions with honesty and ethical behavior.
3. Objectivity- Setting standards and following them to take decisions.
4. Transparency- Participation of public through an open process, financial statements are crystal clear.

Conclusion- Government makes the rules and laws for others and also follow the same. It follows the ethical practices in its financial statements. It makes sure that financial statements are free from any material misstatement. There are many honest officers in Government who are strict to their approach and ethical practices.